JPMorgan analyst Robbie Marcus initiated coverage of GE HealthCare with a Neutral rating and $90 price target. The company operates as an oligopoly player in the “capital intensive” medical imaging market with high barriers to entry, favorable network economics, and high switching costs, the analyst tells investors in a research note. While the firm sees potential for revenue and free cash flow acceleration, at current valuation multiples, it views the shares as appropriately valued relative to the peer group and commensurate with the company’s mid-single-digit organic growth profile.
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